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Clearway Energy (CWEN)

Market Price (4/5/2026): $40.55 | Market Cap: $4.9 Bil
Sector: Utilities | Industry: Renewable Electricity

Clearway Energy (CWEN)

Market Price (4/5/2026): $40.55
Market Cap: $4.9 Bil
Sector: Utilities
Industry: Renewable Electricity

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 6.9%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Low stock price volatility
Vol 12M is 29%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -9.4%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 186%

Key risks
CWEN key risks include [1] its substantial consolidated indebtedness, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 6.9%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Low stock price volatility
Vol 12M is 29%
3 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Weak multi-year price returns
3Y Excs Rtn is -9.4%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 186%
7 Key risks
CWEN key risks include [1] its substantial consolidated indebtedness, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Clearway Energy (CWEN) stock has gained about 25% since 12/31/2025 because of the following key factors:

1. Strong Project Development and Capital Investment.

Clearway Energy announced a significant Power Purchase Agreement (PPA) portfolio with Google on January 15, 2026, totaling nearly 1.2 GW across three states. This substantial agreement indicates strong demand for Clearway's clean energy assets. Furthermore, Clearway Operating LLC upsized its senior notes offering to $600 million on January 8, 2026, from an initially planned $500 million, to fund renewable energy and storage asset acquisitions, demonstrating robust access to capital for growth initiatives.

2. Favorable Macroeconomic Environment for Renewable Energy.

The broader renewable energy sector experienced a positive outlook for 2026, attracting investor capital through strategic changes and improved efficiencies. Investment in clean energy reached $2.2 trillion in 2025, and 73% of financiers planned to increase their investment in infrastructure projects. This trend is amplified by rising global power demand, particularly from hyperscalers and data centers, for which renewables are considered the most cost-effective and fastest-deployed source of new capacity.

Show more

Stock Movement Drivers

Fundamental Drivers

The 22.9% change in CWEN stock from 12/31/2025 to 4/4/2026 was primarily driven by a 107.4% change in the company's P/E Multiple.
(LTM values as of)123120254042026Change
Stock Price ($)32.8640.3722.9%
Change Contribution By: 
Total Revenues ($ Mil)1,3751,4293.9%
Net Income Margin (%)20.1%11.8%-41.1%
P/E Multiple14.029.1107.4%
Shares Outstanding (Mil)118122-3.3%
Cumulative Contribution22.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/4/2026
ReturnCorrelation
CWEN22.9% 
Market (SPY)-5.4%30.2%
Sector (XLU)8.6%56.2%

Fundamental Drivers

The 46.5% change in CWEN stock from 9/30/2025 to 4/4/2026 was primarily driven by a 122.8% change in the company's Net Income Margin (%).
(LTM values as of)93020254042026Change
Stock Price ($)27.5740.3746.5%
Change Contribution By: 
Total Revenues ($ Mil)1,4321,429-0.2%
Net Income Margin (%)5.3%11.8%122.8%
P/E Multiple42.829.1-31.9%
Shares Outstanding (Mil)118122-3.3%
Cumulative Contribution46.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/4/2026
ReturnCorrelation
CWEN46.5% 
Market (SPY)-2.9%28.8%
Sector (XLU)7.1%50.4%

Fundamental Drivers

The 40.8% change in CWEN stock from 3/31/2025 to 4/4/2026 was primarily driven by a 84.3% change in the company's Net Income Margin (%).
(LTM values as of)33120254042026Change
Stock Price ($)28.6840.3740.8%
Change Contribution By: 
Total Revenues ($ Mil)1,3711,4294.2%
Net Income Margin (%)6.4%11.8%84.3%
P/E Multiple38.529.1-24.2%
Shares Outstanding (Mil)118122-3.3%
Cumulative Contribution40.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/4/2026
ReturnCorrelation
CWEN40.8% 
Market (SPY)16.3%39.7%
Sector (XLU)20.0%62.7%

Fundamental Drivers

The 53.7% change in CWEN stock from 3/31/2023 to 4/4/2026 was primarily driven by a 451.8% change in the company's P/E Multiple.
(LTM values as of)33120234042026Change
Stock Price ($)26.2740.3753.7%
Change Contribution By: 
Total Revenues ($ Mil)1,1901,42920.1%
Net Income Margin (%)48.9%11.8%-75.8%
P/E Multiple5.329.1451.8%
Shares Outstanding (Mil)117122-4.1%
Cumulative Contribution53.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/4/2026
ReturnCorrelation
CWEN53.7% 
Market (SPY)63.3%29.9%
Sector (XLU)49.0%61.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CWEN Return18%-8%-9%1%35%21%64%
Peers Return21%9%38%91%43%-2%388%
S&P 500 Return27%-19%24%23%16%-4%75%

Monthly Win Rates [3]
CWEN Win Rate50%50%33%58%58%100% 
Peers Win Rate61%56%62%52%60%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CWEN Max Drawdown-21%-16%-39%-22%-5%-4% 
Peers Max Drawdown-13%-20%-16%-4%-16%-11% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEE, BEPC, CEG, VST, NRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)

How Low Can It Go

Unique KeyEventCWENS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-54.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven121.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven39.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven84 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-33.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven50.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven252 days120 days

Compare to NEE, BEPC, CEG, VST, NRG

In The Past

Clearway Energy's stock fell -54.9% during the 2022 Inflation Shock from a high on 8/18/2022. A -54.9% loss requires a 121.8% gain to breakeven.

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About Clearway Energy (CWEN)

Clearway Energy, Inc., through its subsidiaries, engages in the renewable energy businesses in the United States. It had approximately 5,000 net megawatts (MW) of installed wind and solar generation projects; and approximately 2,500 net MW of natural gas generation facilities, as well as a portfolio of district energy systems. Its thermal infrastructure assets provide steam, hot water and/or chilled water, and electricity to commercial businesses, universities, hospitals, and governmental units. As of December 31, 2021, the company had 1,370 MW thermal equivalent capacity of steam and chilled water. Clearway Energy, Inc. was incorporated in 2012 and is based in Princeton, New Jersey. Clearway Energy, Inc. is a subsidiary of Clearway Energy Group LLC.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Clearway Energy (CWEN):

  • It's like NextEra Energy, but focused on selling wholesale power from both renewables and natural gas, plus providing district heating and cooling services to large commercial and institutional customers.
  • Think of it as a power generation company similar to NRG Energy, but with a heavier emphasis on wind and solar, and also operating specialized heating and cooling systems for campuses and commercial districts.

AI Analysis | Feedback

  • Electricity Generation (Renewable): Clearway Energy generates and sells electricity primarily from its extensive portfolio of wind and solar power generation projects.
  • Electricity Generation (Natural Gas): Clearway Energy generates and sells electricity from its natural gas power generation facilities.
  • District Energy Services: Clearway Energy provides steam, hot water, chilled water, and electricity to various commercial, institutional, and governmental clients through its thermal infrastructure assets.

AI Analysis | Feedback

Clearway Energy (CWEN) primarily sells to other companies and organizations. Based on the provided description, its major customers for its thermal infrastructure assets, which receive steam, hot water, chilled water, and electricity, include:

  • Commercial businesses
  • Universities
  • Hospitals
  • Governmental units

The provided description does not list the specific names or stock symbols of individual customer companies.

AI Analysis | Feedback

  • Siemens Gamesa Renewable Energy
  • Vestas Wind Systems A/S (VWS.CO)
  • General Electric Company (GE)
  • Mitsubishi Heavy Industries (7011.T)
  • First Solar, Inc. (FSLR)
  • JinkoSolar Holding Co., Ltd. (JKS)
  • Trina Solar Co., Ltd. (688599.SS)
  • Canadian Solar Inc. (CSIQ)
  • Hanwha Solutions Corporation (009830.KS)

AI Analysis | Feedback

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Craig Cornelius, President and Chief Executive Officer

Mr. Cornelius has served as President and Chief Executive Officer of Clearway Energy, Inc. since July 2024, and as a director since July 2024. He has been the CEO of Clearway Energy Group since its formation in 2018, which was a spin-out of NRG Energy Inc.'s clean energy businesses. Previously, Mr. Cornelius was President of NRG's renewables division, overseeing origination, development, engineering & construction, operations, and asset management for wind and solar power. He joined NRG in 2013 and initially led new business development for renewables. Before joining NRG, he spent five years as a Principal and then a Managing Director in the solar investing practice at Hudson Clean Energy Partners. He also served as the Program Manager of the U.S. Department of Energy's Solar Energy Technologies Program, where he led the creation of the $1.5 billion Solar America Initiative.

Sarah Rubenstein, Executive Vice President and Chief Financial Officer

Ms. Rubenstein has served as Executive Vice President and Chief Financial Officer for Clearway Energy, Inc. since April 12, 2023. Prior to this role, she served as Chief Accounting Officer, and before that as VP, Accounting and Controller since November 2020. She brings approximately 25 years of experience, primarily in technical accounting and financial reporting. Before her tenure at Clearway, Ms. Rubenstein spent eight years with NRG Energy, Inc., where she led the technical accounting and financial reporting groups. She also held financial leadership positions at EPV Solar, Inc., a solar panel manufacturer, and Warner Music Group, a global music entertainment company. She began her career as an auditor with PricewaterhouseCoopers.

Kevin P. Malcarney, Executive Vice President, General Counsel and Corporate Secretary

Mr. Malcarney has served as Clearway Energy, Inc.'s General Counsel, Corporate Secretary, and Chief Compliance Officer since May 2018, and was promoted to Executive Vice President in January 2022. He was previously Vice President and Deputy General Counsel at NRG Energy, Inc., where he was responsible for new businesses, mergers & acquisitions, divestitures, and project financings, and managed a large team of lawyers.

Natalie Jackson, SVP, Capital Markets & Portfolio Finance

Ms. Jackson serves as SVP, Capital Markets & Portfolio Finance for Clearway Energy Group. She joined Clearway with over 20 years of experience in both project finance and development. Most recently, she was the Senior Vice President of Global Financial Solutions for Vestas Wind Systems. Prior to Vestas, Ms. Jackson held senior finance positions at SunPower Corporation, AES, Invenergy, and BrightSource Energy, where she led the $2.2 billion project financing of the Ivanpah solar projects. She has served on the Board of Directors of 8Point3 Energy Partners, SunPower, and First Solar's joint venture yieldco. She also served as Chief Capital Markets at TES-H2 and was responsible for originating, structuring, and negotiating M&A and project level structured debt and tax equity transactions in the U.S. at Clearway Energy Group, raising over $8 billion in capital during her tenure.

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AI Analysis | Feedback

The key risks to Clearway Energy's business include its significant indebtedness and sensitivity to interest rates, the variability of energy output due to weather patterns, and potential changes in government regulations and incentives.

  1. High Indebtedness and Interest Rate Sensitivity: Clearway Energy, as a capital-intensive company, utilizes a highly leveraged capital structure to finance its operations and growth through acquisitions. As of September 30, 2025, the company had approximately $8.08 billion in long-term debt. This substantial debt level exposes Clearway Energy to increased financial risk, as higher interest rates can escalate borrowing costs, thereby limiting its ability to raise additional capital, fund operations, or maintain dividend payments. The company's structural sensitivity to interest rates means that rising rates can also increase discount rates, potentially impacting the valuation of its contracted cash flows.
  2. Weather-Driven Output Variability and Physical Climate Risks: A significant portion of Clearway Energy's portfolio consists of wind and solar generation projects. The output and, consequently, the earnings from these renewable assets are directly influenced by weather conditions and natural resource availability. Fluctuations in wind patterns, solar irradiance, or increased frequency and severity of extreme weather events like storms and floods—potentially exacerbated by climate change—can disrupt operations, reduce energy production, and lead to significant costs for preparation or response. Historical dips in earnings in fiscal years 2019 and 2022 have been attributed to softer wind resources.
  3. Changes in Government Regulations and Incentives: Clearway Energy's growth strategy and the economic viability of its renewable power generation and energy storage assets are partly dependent on supportive government policies and incentives. Any changes, reductions, or reversals in these government regulations or subsidy programs could negatively impact the company's expansion plans, financial performance, and ability to make cash distributions to stockholders.

AI Analysis | Feedback

There are two clear emerging threats for Clearway Energy (CWEN):

  1. Rapid Electrification of Heating and Cooling & Decentralized Building Energy Systems: This threat primarily targets Clearway Energy's thermal infrastructure assets. As technologies such as advanced electric heat pumps, geothermal systems, and localized microgrids (combining on-site solar with battery storage) become increasingly efficient, cost-effective, and prevalent, individual buildings and institutions can meet their heating, cooling, and electricity needs more independently. This trend directly undermines the demand for centralized district energy services (steam, hot water, chilled water, and electricity) provided by CWEN, potentially leading to reduced utilization, lower profitability, and obsolescence for its thermal infrastructure assets.
  2. Accelerated Deployment and Cost Decline of Battery Energy Storage Systems (BESS): This threat primarily impacts Clearway Energy's natural gas generation facilities. Utility-scale battery energy storage systems are rapidly decreasing in cost and increasing in deployment. BESS can provide crucial grid services, including peaking capacity, frequency regulation, and energy shifting, often with faster response times and zero emissions compared to traditional natural gas "peaker" plants. As BESS become more competitive, they pose a direct challenge to the economic viability and long-term utilization of CWEN's natural gas assets, potentially leading to asset stranding or reduced profitability.

AI Analysis | Feedback

Clearway Energy, Inc. (symbol: CWEN) operates in the renewable energy, natural gas generation, and thermal infrastructure sectors within the United States. The addressable markets for its main products and services in the U.S. are sized as follows:

Renewable Energy (Wind and Solar Generation)

  • The overall U.S. renewable energy market, in terms of installed capacity, was valued at 545.16 gigawatts (GW) in 2026 and is projected to reach 778.78 GW by 2031, growing at a Compound Annual Growth Rate (CAGR) of 7.38%. In terms of revenue, the U.S. renewable energy market was valued at USD 78.36 billion in 2025 and is projected to reach USD 169.49 billion by 2034, with a CAGR of 8.95% from 2026 to 2034. Another estimate for the U.S. renewable energy market size reached USD 260.4 billion in 2025 and is expected to reach USD 579.9 billion by 2034, exhibiting a CAGR of 9.30% during 2026-2034.
  • For wind energy, the U.S. market size was 167.92 GW in 2026 and is estimated to grow to 205.93 GW by 2031, at a CAGR of 4.17%. The U.S. wind power market was valued at USD 18.2 billion in 2024 and is expected to increase to USD 27.1 billion by 2032, advancing at a CAGR of 5.3% during 2025–2032.
  • For solar energy, the U.S. market size was USD 53.45 billion in 2024 and is projected to reach USD 123.86 billion by 2032, at a CAGR of 11.19% during 2025–2032. In terms of capacity, the U.S. solar power market was valued at 202.1 GW in 2025 and is estimated to reach 675.3 GW by 2034, exhibiting a CAGR of 13.62% from 2026-2034. The U.S. solar PV market size was estimated at USD 29.68 billion in 2022 and is projected to grow at a CAGR of 13.7% from 2023 to 2030.

Natural Gas Generation Facilities

  • The natural gas-fired electricity generation market in the United States is expected to reach a projected revenue of US$ 12,459.0 million (approximately USD 12.46 billion) by 2030, with a compound annual growth rate of 6% from 2025 to 2030. The market generated a revenue of USD 6,712.5 million in 2019 and is expected to reach USD 10,551.9 million by 2027, growing at a CAGR of 5.8% from 2020 to 2027. The broader U.S. natural gas market is likely to value US$473.4 billion in 2025 and is projected to reach US$601.8 billion by 2032, growing at a CAGR of 3.5%.

Thermal Infrastructure Assets (District Energy Systems)

  • The U.S. district heating market size was valued at USD 5.59 billion in 2024. It is projected to grow from USD 5.76 billion in 2025 and is expected to reach USD 7.47 billion by 2032, exhibiting a CAGR of 3.79% during the forecast period. Clearway Thermal is noted as a major player in this market.

AI Analysis | Feedback

Clearway Energy, Inc. (CWEN) anticipates several key drivers for its revenue growth over the next two to three years, primarily stemming from its robust project pipeline, strategic market positioning, and expansion into high-demand areas.

Here are 3-5 expected drivers of future revenue growth:

  1. Deployment of New Renewable and Storage Projects: Clearway Energy has a substantial pipeline of new wind, solar, and battery storage projects expected to come online, contributing significantly to future revenue. The company successfully commercialized 100% of its planned repowering and new construction projects for 2026 and 2027. This includes projects like the Swan Solar project in Missouri and the Catamount wind project in West Virginia, both targeting commercial operations in 2028 and backed by 20-year Power Purchase Agreements (PPAs) with companies like Google. Clearway also committed to approximately $1.3 billion in corporate capital investment opportunities tied to commercialized projects within the 2027 and 2028 timeframe.
  2. Increased Demand from Hyperscalers and Data Centers: A significant driver for Clearway's growth is the surging demand for power from hyperscalers and utilities serving data centers. In 2025 alone, Clearway signed approximately two gigawatts of new PPAs with these entities, with additional revenue contracting opportunities under discussion. Clearway is actively developing GW-scale complexes, including flexible gas generation capacity paired with renewables, to serve co-located data centers in multiple states, with target commercial operation dates (CODs) in 2030 and beyond.
  3. Repowering and Fleet Enhancement Programs: Clearway is undertaking a major repowering cycle across its wind fleet, with about 1.2 GW in its repowering pipeline for 2026 and 2027. These fleet enhancement programs, including repowerings and contract extensions, are on track and contribute to the company's long-term value creation and revenue stability.
  4. Strategic Positioning in Core Geographic Markets: Approximately 90% of Clearway's late-stage pipeline through 2030 is strategically located in core geographic markets where renewable energy is expected to be a least-cost, best-fit resource, often without relying solely on tax credits. This strategic focus helps ensure the viability and competitiveness of its projects, particularly for storage projects positioned for tax credit qualification well into the next decade.

AI Analysis | Feedback

Share Repurchases

No specific information regarding share repurchase programs or actual repurchases over the last 3-5 years was found.

Share Issuance

  • Clearway Energy opportunistically raised approximately $50 million through the sale of Class C common stock in the first quarter of 2026.
  • Since late August (prior to the Q4 2025 earnings call), the company issued $100 million of equity.
  • Shares outstanding increased by 0.85% in 2024 from 2023, while remaining stable in 2022 and 2023.

Inbound Investments

No specific information available regarding large investments made directly into Clearway Energy by third-party strategic partners or private equity firms.

Outbound Investments

  • In November 2025, Clearway Energy agreed to acquire interests in the 199 MW Spindle and 92 MW Rosamond South II Battery Energy Storage System (BESS) facilities for approximately $90 million in cash.
  • In the first quarter of 2026, Clearway Group offered Clearway Energy opportunities to invest approximately $200 million in the 520 MW Royal Slope solar plus storage project and an estimated $215 million in the 650 MW Swan Solar project.
  • Clearway Energy invested approximately $820 million in growth investments during 2021, which included the acquisition of the remaining 50% equity interest in the 530 MW Utah Solar Portfolio for $330 million.

Capital Expenditures

  • Approximately $1.3 billion in corporate capital investment opportunities have been identified for 2027-2028, primarily focused on projects targeting a 10.5% Cash Available for Distribution (CAFD) yield or better.
  • In 2021, the company funded approximately $820 million in new growth investments.
  • The primary focus of future capital expenditures includes new construction solar projects, wind repowerings, and battery energy storage systems (BESS).

Better Bets vs. Clearway Energy (CWEN)

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CTRI_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025CTRICenturiInsiderInsider Buys | Low D/EStrong Insider Buying
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Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.2%1.2%-4.0%
CWEN_3312024_Insider_Buying_45D_2Buy_200K03312024CWENClearway EnergyInsiderInsider Buys 45DStrong Insider Buying
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Peer Comparisons

Peers to compare with:

Financials

CWENNEEBEPCCEGVSTNRGMedian
NameClearway.NextEra .Brookfie.Constell.Vistra NRG Ener. 
Mkt Price40.3793.1541.32272.82151.18152.69122.17
Mkt Cap4.9193.87.485.451.229.340.2
Rev LTM1,42927,4133,72825,53317,73830,71321,636
Op Inc LTM1768,0208833,1152,1341,9442,039
FCF LTM3423,211-6361,2881,3187651,026
FCF 3Y Avg4113,237-153-3,8212,527579495
CFO LTM68812,4855024,2374,0701,9132,992
CFO 3Y Avg72012,349885-1,1764,6951,3331,109

Growth & Margins

CWENNEEBEPCCEGVSTNRGMedian
NameClearway.NextEra .Brookfie.Constell.Vistra NRG Ener. 
Rev Chg LTM4.2%10.8%-10.0%8.3%3.0%9.2%6.3%
Rev Chg 3Y Avg6.3%11.0%-0.2%1.6%9.1%-0.6%4.0%
Rev Chg Q21.1%20.7%-5.0%12.9%13.5%13.7%13.6%
QoQ Delta Rev Chg LTM3.9%4.2%-1.3%2.8%3.2%3.1%3.2%
Op Mgn LTM12.3%29.3%23.7%12.2%12.0%6.3%12.3%
Op Mgn 3Y Avg16.1%31.0%24.9%12.0%18.0%3.6%17.1%
QoQ Delta Op Mgn LTM-0.2%1.1%0.2%0.1%-0.2%-2.4%-0.1%
CFO/Rev LTM48.1%45.5%13.5%16.6%22.9%6.2%19.8%
CFO/Rev 3Y Avg52.6%46.4%22.4%-5.0%28.8%4.6%25.6%
FCF/Rev LTM23.9%11.7%-17.1%5.0%7.4%2.5%6.2%
FCF/Rev 3Y Avg30.1%12.4%-4.1%-15.8%15.8%2.0%7.2%

Valuation

CWENNEEBEPCCEGVSTNRGMedian
NameClearway.NextEra .Brookfie.Constell.Vistra NRG Ener. 
Mkt Cap4.9193.87.485.451.229.340.2
P/S3.47.12.03.32.91.03.1
P/EBIT23.221.3-10.821.224.315.621.3
P/E29.128.4-3.236.854.233.931.5
P/CFO7.215.514.820.212.615.315.1
Total Yield10.7%5.9%-31.6%3.3%2.4%2.9%3.1%
Dividend Yield7.3%2.4%0.0%0.6%0.6%0.0%0.6%
FCF Yield 3Y Avg12.3%2.2%--8.9%11.7%1.7%2.2%
D/E1.90.52.10.10.40.60.5
Net D/E1.90.52.00.10.40.40.4

Returns

CWENNEEBEPCCEGVSTNRGMedian
NameClearway.NextEra .Brookfie.Constell.Vistra NRG Ener. 
1M Rtn8.0%2.2%2.8%-17.7%-9.6%-4.8%-1.3%
3M Rtn20.3%15.9%4.5%-25.4%-8.4%-7.8%-1.7%
6M Rtn36.4%17.9%17.4%-24.0%-24.9%-7.6%4.9%
12M Rtn51.8%43.4%68.4%60.4%54.9%84.9%57.7%
3Y Rtn50.8%29.8%55.6%264.7%555.7%375.9%160.1%
1M Excs Rtn11.1%4.8%5.3%-11.2%-3.2%-2.5%1.2%
3M Excs Rtn26.7%20.7%12.6%-18.8%-2.3%0.0%6.3%
6M Excs Rtn40.6%21.9%19.5%-20.1%-22.9%-3.2%8.1%
12M Excs Rtn23.0%18.4%33.8%15.6%7.4%40.0%20.7%
3Y Excs Rtn-9.4%-30.6%-10.2%203.7%506.3%335.9%97.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Renewables & Storage1,029894696641569
Flexible Generation342420417441437
Corporate000  
Thermal  77204193
Total1,3711,3141,1901,2861,199


Operating Income by Segment
$ Mil20252024202320222021
Renewables & Storage150164152134
Flexible Generation90137197219215
Corporate-44-381,249-43-38
Thermal  233922
Total1962631,470267333


Net Income by Segment
$ Mil20252024202320222021
Renewables & Storage267150491093
Flexible Generation64109161172140
Corporate-243-180355-252-121
Thermal  17223
Total88795825125


Assets by Segment
$ Mil20252024202320222021
Renewables & Storage12,23612,2059,5159,6037,157
Flexible Generation1,9332,0582,2512,4422,575
Corporate160438546137233
Thermal  0631627
Total14,32914,70112,31212,81310,592


Price Behavior

Price Behavior
Market Price$40.37 
Market Cap ($ Bil)4.9 
First Trading Date05/15/2015 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$38.17$32.88
DMA Trendupup
Distance from DMA5.8%22.8%
 3M1YR
Volatility30.2%28.2%
Downside Capture0.030.35
Upside Capture128.0487.17
Correlation (SPY)29.4%41.6%
CWEN Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.260.680.740.690.620.61
Up Beta1.731.320.250.170.420.57
Down Beta1.651.070.830.410.730.45
Up Capture190%89%144%161%81%46%
Bmk +ve Days7162765139424
Stock +ve Days14263968133387
Down Capture54%6%28%54%74%89%
Bmk -ve Days12233358110323
Stock -ve Days8152357117358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CWEN
CWEN40.0%29.4%1.14-
Sector ETF (XLU)19.8%15.8%0.9662.7%
Equity (SPY)16.1%19.0%0.6739.6%
Gold (GLD)50.5%28.0%1.4620.3%
Commodities (DBC)16.2%17.7%0.7722.1%
Real Estate (VNQ)3.6%16.5%0.0442.6%
Bitcoin (BTCUSD)-21.5%44.0%-0.4217.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CWEN
CWEN13.8%29.8%0.47-
Sector ETF (XLU)11.0%17.2%0.4957.6%
Equity (SPY)11.6%17.0%0.5340.1%
Gold (GLD)21.7%17.8%1.0018.4%
Commodities (DBC)11.6%18.8%0.5113.0%
Real Estate (VNQ)3.3%18.8%0.0850.8%
Bitcoin (BTCUSD)3.9%56.5%0.2914.6%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CWEN
CWEN17.6%31.2%0.59-
Sector ETF (XLU)10.0%19.2%0.4553.1%
Equity (SPY)14.0%17.9%0.6742.8%
Gold (GLD)14.0%15.9%0.7314.8%
Commodities (DBC)8.4%17.6%0.4018.3%
Real Estate (VNQ)5.2%20.7%0.2248.9%
Bitcoin (BTCUSD)66.2%66.8%1.0610.6%

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Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity5.5 Mil
Short Interest: % Change Since 2282026-14.3%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest6.2 days
Basic Shares Quantity122.0 Mil
Short % of Basic Shares4.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/23/2026-3.2%-3.5%-0.5%
11/4/20256.7%9.3%6.0%
8/5/2025-4.4%-7.1%-7.9%
2/24/20252.5%3.6%15.7%
10/30/20248.0%11.9%14.7%
8/1/20244.8%6.6%7.0%
5/9/20246.4%10.4%9.8%
2/22/2024-4.6%-6.6%-8.6%
...
SUMMARY STATS   
# Positive121415
# Negative976
Median Positive4.2%4.1%7.0%
Median Negative-2.4%-2.7%-7.9%
Max Positive8.0%11.9%16.7%
Max Negative-4.6%-7.1%-9.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/24/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/01/202510-Q
12/31/202402/25/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202405/09/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/08/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q
03/31/202205/05/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 CAFD470.00 Mil490.00 Mil510.00 Mil0 AffirmedGuidance: 490.00 Mil for 2026
2030 CAFD per share2.933.1  Higher New
2031 CAFD per share growth5.0%8.0%   Higher New

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Cash Available for Distribution420.00 Mil430.00 Mil440.00 Mil1.8% RaisedGuidance: 422.50 Mil for 2025
2026 Cash Available for Distribution470.00 Mil490.00 Mil510.00 Mil   

Industry Resources

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